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PRESS RELEASES

This document is dated May 23, 2013.
It may not be accurate after such date
and LNC does not undertake
to update or keep it accurate
after such date.

Lincoln National Corporation's Board of Directors Declares Quarterly Cash Dividend of $0.12 per Share and Calls for the Redemption of All Outstanding $3.00 Cumulative Convertible Preferred Stock, Series A

RADNOR, PA, May 23, 2013 — Lincoln Financial Group announced today that the board of directors of Lincoln National Corporation (NYSE:LNC) declared a quarterly cash dividend of $0.12 per share on the corporation's common shares. The dividend on the common stock will be payable August 1, 2013, to shareholders of record at the close of business on July 10, 2013.

The board of directors has also called for the redemption of all of its outstanding $3.00 Cumulative Convertible Preferred Stock, Series A ("Series A Preferred Stock"). The redemption date is July 2, 2013 ("Redemption Date"). The Series A Preferred Stock will be redeemed at a price of $80 per security, plus any accrued and unpaid dividends for the period up to but excluding the Redemption Date ("Aggregate Redemption Price"). There are currently approximately 9,532 shares of Series A Preferred Stock issued and outstanding. From and after the Redemption Date, the only remaining rights will be to receive payment of the Aggregate Redemption Price.

In lieu of redemption, shareholders of the Series A Preferred Stock shall have until the close of business on June 27, 2013, to convert each share of Series A Preferred Stock into 16 shares of the Company's common stock. Issuance of the shares of the Company's common stock for the Series A Preferred Stock surrendered for conversion will be made as soon as practicable after valid presentation and surrender to the redemption agent of certificates representing Series A Preferred Shares, together with a written request to convert the shares to Computershare Shareowner Services, 250 Royall Street, Canton, MA 02021, Attn: Corporate Actions. The shares of common stock issued by conversion will be eligible for the dividend declared by the Board of Directors on May 22, 2013, described above.

Questions relating to the redemption should be direct to the redemption agent: Computershare Shareowner Services at 855-396-2084.

About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $186 billion as of March 31, 2013. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life, disability and dental insurance; employer-sponsored retirement plans; savings plans; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and insurance
company affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN,
and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Variable products
distributed by broker/dealer-affiliate Lincoln Financial Distributors, Inc., Radnor, PA. Securities
and investment advisory services offered through other affiliates. Explore Lincoln.